60-unit residential complex proposed in Cary

CARY – A company that is building an apartment complex in Crystal Lake is looking to build a 60-unit residential complex in Cary.

Pedcor Investments, based in Carmel, Ind., wants to build a 60-unit workforce housing complex on 4.5 acres at First Street and Pearl Street, according to village documents.

The company is under contract to buy the property.

The complex would have four two-story buildings, as well as a club house, pool and playground for residents.

Units in the complex would be one to three bedrooms, and there would be approximately two parking spaces per unit, village documents say.

Pedcor currently is constructing a project in Crystal Lake. The Congress Parkway Apartment Homes are is scheduled to be complete in the late summer.

Cary board members Tuesday are scheduled to begin considering the project.

Currently, the village's comprehensive plan, which is being updated, said the site should be used for "light industrial" and is zoned for manufacturing use. If the plan were to move forward, the village would need to designate the site as multi-family residential.

Director of Community and Economic Development Chris Stilling said there are multi-family residential buildings to the north and east of the proposed project site.

The previous building on the site was demolished four years ago, Stilling said.

"We talked about, as part of the comprehensive plan, the need for more affordable housing and housing for the aging population," Stilling said. "This is a project that does both."

Village documents say it can take up to 18 months from now until construction begins.

A public hearing on the plan is proposed for May 22, with the village's board of zoning, planning and appeals.

A final decision by the Cary Village Board could come in June.

Pedcor hopes to receive tax credits through the Illinois Housing and Development Program through the Low Income Tax Credit program, village documents say.

The IHDA program administers federal tax credits. To receive the credits, Pedcor would have to primarily serve residents who make 60 percent of the area median income or less. Investors in the property then can get tax credits in return for project equity, which reduces the amount needed to finance the project and makes rent more affordable.

Federal law says that rents and incomes on the property have to remain restricted for 15 years.

Pedcor plans to send in its application to IHDA in July.

Pedcor also said in documents provided to village board members, that there is a need for workforce housing in the village.

According to Pedcor, 87.8 percent of the people employed in the Cary, live outside of the town, and 57.7 percent of the workers earn less than $40,000 a year.

In Pedcor's properties, each unit has it's own entryway rather than there being a common hallway, according to Pedcor documents. Rooms also can accommodate one to six people. Each unit would have large storage for bicycles and other belongings, hook-ups for a washer and dryer, and a patio or balcony.